ADMS 2610 Lecture : Forms of Business Organization - Chapter 17 - Corporation Law

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purplewoodchuck173

25 Jan 2012

School

York University

Department

Administrative Studies

Course

ADMS 2610

Professor

Sam Ling

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Document Summary

Nature of a corporation: shareholder, director, officer, control, limited liability, separate legal existence. Characteristic: neither an individual nor a partnership, separate legal entity from its owners, existence at law, but not material existence, rights and duties set forth by law, agents can bind corporations, shareholders have limited liability. Shareholder: a person who holds a share interest in a corporation; a part owner. Director: under corporation law, a person elected by the shareholders to manage its affairs. Officer: a person elected or appointed by the directors to fill a particular office (president, secretary, etc, shareholders elect directors and directors appoint officers. subject to limitations in the articles or shareholders agreement: shareholders cannot bind the corporation in contract (only officers and directors), limited liability. shareholder loss limited to investment, personal assets generally are. Transfer of interests not subject to creditors: freedom of shareholders to transfer shares. freely in a public or private company.

Related Questions

An advantage of corporations over other forms of business organization is: Corporations face fewer regulations Corporations face less tax liability Corporate shareholders face unlimited liability, but get dividends Corporate investors face unlimited liability Corporations face fewer obstacles in raising large amounts of capital

bronzekangaroo836

Which of the following is a characteristic of a corporation?

(i) Personal responsibility of business debts

(ii) Limited liability of stockholders

(iii) No independent existence

(iv) All of the above

Match Column A with Column B

1) Partnership	a) a business owned by one person who is personally liable for all losses
2) Proprietorship	b) An artificial being created by a state
3) Limited partnership	c) two or more persons combine their efforts for a single transaction
4) Corporation	d) created when shareholders elect to be treates as partners for tax purposes
5) legal capacity	e) created by an agreement between two or more persons who agree to share profits and losses
6) buy-and-sell agreement	f) provides for compensation to a deceased or withdrawing owner of a business in return for that owners interest.
7) Subchapter S corporation	g) the ability of an organization to sue or to own property
8) joint venture	h) exists when some partners are treated like shareholders for liability purposes
9) limited liability company	i) tax doctine that allows income to be taxed at the owner level, not the organization level
10) "pass through"	j) owners recieve limited liability and tax treatment as if they were a partnership without filing as a corporation.

ADMS 2610 Lecture : Forms of Business Organization - Chapter 17 - Corporation Law

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